Manchin Didn’t Just Shiv Biden’s Agenda, He Whacked Biden’s Central Campaign Promise Too

[bripat9643]

Note why Goldman did this. As it argued, this slowdown will be mainly because fiscal stimulus from the covid-19 rescue package earlier this year will wind down. Goldman projects that if BBB does not pass, that fiscal picture will be “more negative” than it might have been.


As one example, Goldman cites the expanded child tax credit, which was part of the covid relief package and now sends checks to most American families. If BBB fails, it will expire.
This blows up a key element of Manchin’s justification for opposing BBB. He says it will feed inflation and the debt, though as Jim Tankersley demonstrates, many economic experts think BBB won’t feed either.

‘A Manchin slowdown’​

Indeed, Goldman’s note suggests the opposite story: Manchin is now vulnerable to the argument that the real macroeconomic risk is not to pass BBB, notes Robert Shapiro, economist and adviser to the Obama administration.
“Goldman Sachs is saying the impact on growth will be greater in not passing BBB than any marginal effect BBB might have on inflation,” said Shapiro, who recently made a much-discussed case that we’re seeing a robust recovery.


“Instead of having a Biden boom, we could have a Manchin slowdown,” Shapiro told me.

James Downie: Manchin’s rebuff of Build Back Better is the latest failure of Democrats playing soft
Could this impact the debate? Note that Manchin does not feel pressure from arguments that BBB failing will mean immiseration for his own constituents, via the failure to continue the expanded child tax credit, to expand health-care subsidies and so forth.
But Manchin does want to be seen as standing for a good economy in a more abstract sense. Manchin may not care much about the human toll and the rising odds of climate catastrophe that BBB failing might unleash. But he does know this: Inflation, spending and debt are bad.
Yet here Goldman has just recast the debate, putting Manchin on the side of slower growth. You’d think that by his lights, this is also bad.

Of course, Manchin’s inflation fearmongering is saturated in bad faith: He has reportedly been presented with reams of counter-evidence, which he ignores. So he could pretend there’s no macroeconomic risk in BBB failing. But if anything might move the debate, this might.

Why should anyone believe the investment banker that was kissing Hillary's ass and financing her campaign?

 

[otto105]

A democrat senator that used common sense and the left is crucifying him.
It really does paint a picture on where the democrats are today.
Perhaps in the future they should change the party name to the Democratic Socialists of America,
or maybe the People's Republic of America.

See conservative cancel culture on Liz Cheney or Lisa Murkowski.

 

[LordBrownTrout]

Manchin saved Biden's campaign promise. He ran on making the rich pay their fair share. In the bill was tax breaks for the rich. Now those are gone and hopefully if the Dem's give it another go they live up to their promise and pay for it with taxes for the upper wage earners.

So, you want this to massive spending bill to happen? It does nothing for the populace.

 

[bripat9643]

I trust GS over some internet conservative blowing smoke.

How would it increase inflation exactly according to you?

It will cause inflation because the government will finance the $5 trillion cost by printing money.

 

[bripat9643]

because Manchin thinks his own constituents would use the tax credit on drugs, the entire country needs to suffer this BS.

Who says he thinks that? Unnamed sources, of course. We can safely ignore anything coming from Huffpo.

 

[otto105]

Manchin did us a favor. Much more than the dems and repubs who have blasted this country into massive debt over the past 20 years.

Manchin didn't do anything for America. He is protecting coal and his connection to it.

BTW brownfish, it was reagan who started the massive debt shit forty years ago.

 

[otto105]

It will cause inflation because the government will finance the $5 trillion cost by printing money.

Just another simpleton conservative trying to explain something that he can't.

 

[LordBrownTrout]

The vaccines are a disaster and the disaster will be slow-rolling. They are frantically, almost maniacally trying to blame the unvaccinated.

It's barely working now. It certainly isn't working very well when you see Cory Booker and E. Warren vaxxed AND boosted and having "breakthrough" infections. This is not an outlier, btw. This is what happens with really bad vaccines. They make you MORE susceptible to the virus.

But like all horrid losers, rather than say, we messed up...they'll blame those who did not take part. It won't work. But let them find that out, the hard way.

As more booster injections are rolled out, the immune system will be decimated at an alarming rate.

 

[basquebromance]

/thread

 

[otto105]

So, you want this to massive spending bill to happen? It does nothing for the populace.

Explain.

Because doing nothing cost more in the long run.

 

[bripat9643]

Just another simpleton conservative trying to explain something that he can't.

I just explained it, moron. Of course, it doesn't conform to the prog fantasy that printing money doesn't cause inflation.

 

[bripat9643]

Explain.

Because doing nothing cost more in the long run.

What does it do for Americans in general.

 

[LordBrownTrout]

Manchin didn't do anything for America. He is protecting coal and his connection to it.

BTW brownfish, it was reagan who started the massive debt shit forty years ago.

No, shrub, zero, orange man, and invalid man have added a cool 24 trillion to the debt. Reagan added 1.2 trillion. Bubba added 3 trillion. Notice that I mentioned neither.

 

[bripat9643]

Manchin didn't do anything for America. He is protecting coal and his connection to it.

BTW brownfish, it was reagan who started the massive debt shit forty years ago.

What does voting against BBB have to do with coal? Dims are the ones who did all the spending for the last 80 years.

 

[LordBrownTrout]

Explain.

Because doing nothing cost more in the long run.

No, this is a massive debt budget bill that does nothing for the country other than add more debt. There is nothing to explain.

 

[B. Kidd]

Manchin is just looking out for his constituents.
Geez, what a novel idea!

 

[Eric Arthur Blair]

LOL, nice spin. We all know Manchin is self serving in his opposition, but it's laughable for you to to try and pass BBB as " legislation beneficial to average Americans", when we all know it's filled with payoff's and groundwork for more government overreach.

Such as...doubling the size of the IRS so twice the auditors can be hired and everyone can expect the IRS to come and jam their noses up citizen's asses.

This is the gift Biden wants the common citizen to have. Undoubtedly Joe has other surprises up his filthy
sleeves.

Trying to torpedo Manchin for tipping over Biden's slimy game won't do a thing and it won't bring back
the incredibly draconian BBB horror show.

Just what the US needs during it's worst bout of inflation in over forty years! Fuck Brandon.

 

[otto105]

I just explained it, moron. Of course, it doesn't conform to the prog fantasy that printing money doesn't cause inflation.

You didn't explain shit dude.

Our government prints money all the time. We're currently experiencing higher than average inflation because of pandemic issues, not from printing money.

 

[otto105]

No, shrub, zero, orange man, and invalid man have added a cool 24 trillion to the debt. Reagan added 1.2 trillion. Bubba added 3 trillion. Notice that I mentioned neither.

Wow, not even close Lord brownphish.

Reagan added 1.86 Trillion to our debt which was an 186% increase

Bill Clinton added 1.39 Trillion which was an 34% increase.

 

[otto105]

Manchin is just looking out for his constituents.
Geez, what a novel idea!

Yeah, coal is the fuel of the future.